SOCIO-ENVIRONMENTAL DISCLOSURE AND LEGITIMACY: AN INVESTIGATION OVER THE MAJOR BRAZILIAN BANKS.

Abstract

<p>This paper analyzes the connection between sustainability and financial performances of the six biggest banks in Brazil. Brazilian banks were analyzed regarding their socio-environmental and economic disclosure. We collected Socio-environmental data from annual reports, available on banks websites and financial data at Economática® database. Although disclosure data are not audited, which represents a limitation, these banks conduct their business in accordance with sustainable development policies and regulations, and publish information about initiatives. Spearman's non-parametric correlation provided a relationship assessment between variables for each bank. Results in this paper mostly showed a positive correlation between socio-environmental responsibility (SER) and financial performances, even considering the impacts of Brazilian crisis. The objective of this voluntary disclosure lays on companies’ legitimacy as a dialogue mechanism with society.</p><p> </p>